If you are tracking cable this week, consider this technical perspective.

Since mid-December 2017, price action on the GBPUSD has been northward in disposition. The northward mode continued last week with a relatively big bullish candlestick on the weekly time frame. Technicals on the weekly time frame are still in favour of bulls. Should there be a follow-through this week, a likely target of bulls is the immediate resistance around the 1.38350/1.39150 area. The support trendline (chocolate coloured) from the low of March 2017 is still very much in play.

If you are tracking cable this week, consider this technical perspective. Since mid-December 2017, price action on the GBPUSD has been northward in disposition. The northward mode continued last week with a relatively big bullish candlestick on the weekly time frame. Technicals on the weekly time frame are still in favour of bulls. Should there be a follow-through this week, a likely target of bulls is the immediate resistance around the 1.38350/1.39150 area. The support trendline (chocolate coloured) from the low of March 2017 is still very much...

If you are tracking cable this week, consider this technical perspective. Since mid-December 2017, price action on the GBPUSD has been northward in disposition. The northward mode continued last week with a relatively big bullish candlestick on the weekly time frame. Technicals on the weekly time frame are still in favour of bulls. Should there be a follow-through this week, a likely target of bulls is the immediate resistance around the 1.38350/1.39150 area. The support trendline (chocolate coloured) from the low of March 2017 is still very much...

Ignored

Well I considered it but to me your data is way out of whack.

We are at the topmost of a Diagonal Triangle on the weekly with 3 touches on the top and 3 on the bottom.

The rise has been in progress since the beginning of October 2016.

It looks to me like the bulls are interested in taking out the bear support (resistance) at 1.43755.

What does this all mean to me...Nothing at all. The bulls have been trading above average for over 40 weeks now but the draw downs are huge too. It could easily be another 40 weeks to reach the resistance and as yet the bulls have not even found a support which it needs to take out the resistance.

As for the lines can it break them..Sure it can, they are lines not concrete walls. Information on a weekly chart is seriously lacking the details needed to make a trade. If we use this type of analysis then we should be expecting price to return to the lower line, about 1100 pips away.

Anyway good of you to notice the bullish trend and gee it only took you 67 weeks to cotton on.

{quote} Well I considered it but to me your data is way out of whack. We are at the topmost of a Diagonal Triangle on the weekly with 3 touches on the top and 3 on the bottom. The rise has been in progress since the beginning of October 2016. It looks to me like the bulls are interested in taking out the bear support (resistance) at 1.43755. What does this all mean to me...Nothing at all. The bulls have been trading above average for over 40 weeks now but the draw downs are huge too. It could easily be another 40 weeks to reach the resistance and...